Daily analysis of major pairs for March 17, 2015

EUR/USD: This pair has bounced upwards, moving above the support line at 1.0550. This may turn out to be a rally in the context of a downtrend proffering another nice opportunity to sell short when things rally in the context of a downtrend. The price may move further downwards to test the support lines at 1.0500 and 1.0450. Unless the price moves above the resistance lines at 1.0700 and 1.0800, this bearish bias would be intact.

USD/CHF: The USD/CHF pair has been moving sideways since last week and unlike the EUR/USD pair, which bounced upwards, it has not pulled back this week. Do remember that USD/CHF and EUR/USD are negatively correlated. Now, there is a possibility that the market would try the resistance level at 1.0150.

GBP/USD: The Cable is currently weak and there is a vivid Bearish Confirmation Pattern in the market. As the price has moved upwards by 100 pips this week, this may be an opportunity to go short at a better price, unless the price breaches the distribution territories at 1.4900 and 1.5000.

USD/JPY: The USD/JPY pair has been moving sideways since last week and there would be a breakout soon, which would potentially favor the bulls. This upward breakout is expected to happen this week or early next week.

EUR/JPY: This attractive cross has also bounced upwards just like the EUR/USD pair. So, the upwards bounce could be another opportunity to go short, unless the price moves upwards and settles above the supply zones around 130.00 and 140.00.

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